To ask how much debt you are in?

[Sunshine3013]

Just that really.
Wondering how much debt the average person is in.. Including mortgage, loans, credit cards, overdraft?

Just curious!

We have always had credit cards for the protection and points and bonus systems and have never paid any interest.

We have zero debt and paid our mortgage off when we were both 35 and 37 respectively due to an investment paying out a substantial amount.

iphonie Yep a mixture of lifestyle, luck and I will add education, work ethic and also the relationships we get in to or out of. I know it’s brutal but I am practical above everything else.

Only mortgage. I can’t drive due to an impairment so no car payments. I’ve also never had a credit card.
I was once at minus £2000 in the overdraft. That took time and work to claw back into 100% positive. Account is now set to allow direct debits to take me into overdraft if needs be (although most of them come out two days after pay day anyway) bit spending on shops, withdrawing cash etc will not let me go into debt, it will decline.

I’m no super saving amazing “look how I did it” human being though - I got my house due to inheritance (a second one being a massive unexpected shock from a very distant relative) and invested it all in that. I would most likely be in the overdraft / on credit cards without that. Or still in my parents house.
I have about £4K in savings - I put a bit in each month and this has been gradual. I’m 33.

These threads are definitely like the 'How much alcohol do you drink?' threads where all the teetotallers rush to say 'NOTHING!'

I have an outstanding mortgage of about £80,000 on a £200,000 property and over the past 6 years or so I've been paying off £18,000 of debt via a Stepchange DMP. Should be finally free of that by the end of this year which will be a fantastic feeling.

Ha, everyone on MN lives in fantasy land. All those people saying 'none!' Or 'just a mortgage

Unfortunately these kinds of threads always attract comments from MNers who are debt free. For everyone who is debt free I bet there are at least 5 others who are wondering how they'll ever get out of debt.

If you are struggling with debt try one of the free charities like Stepchange or CAPP*.

The only debt I have is my mortgage, but that should be paid off in less than 10 years.

1k credit card - 2 mat leaves back to back is leaving me short each month but is payable when i go back to work, not worried.... yet

Well I will be odd one out here se have about £18000 in loans and cc as I lost my job over a year ago and have struggled to find another.
Debt is car loan ( norhing fancy and 6 years old ) some debt we had on which would of paid when im working and money we have had to spend this year like food top ups, but the interest on cards has been put up twice.
We now we have to put another £1600 on to repair dh car which is currently sat in a garage as he needs it for work.
The plan is when I get a job to just use it to pay pf debt , then hopefully we could clear it in 18 months - 2 years

I only have the mortgage, I think there’s about £205,000 left on it. I do also have a ridiculous student loan but I view that as more of a tax, I’m not trying to pay it off.

70k mortgage, 8k loan (was credit cards with no end in sight, now a loan which has 4 yrs left on it and I am paying faaaaar less per month)

@harper30

Yep. These people need to get in the real world. If I didn't have debt I also wouldn't have a home, any furniture (you know frivolous things like a fridge or a bed), or a car. If I didn't have a car, I couldn't have a job. Where would I be then? On the streets probably. I would much rather have debt than nothing at all.

None. I own my home (thanks to a divorce settlement and inheritance) and have no loans or credit cards. I once had a flat reposessed in my 20s so now I'm in my 40s, I am very careful to save and not live beyond my means. I'm a single parent so I like to be fully self-sufficient.

Oh and no mortgage As we rent

Just a student loan, no mortgage yet, and no credit card.
Same for DH, he has a credit card but pays it off each month.

Average total debt per household is about £60k.

OK on the mortgage front, as it’s a quite a low monthly amount with regards to our salaries and will be paid off by the time I’m 50 (6 years).

We have a car on lease which runs out next year, and will consider whether we need a car at all at that point.

Last year I finally managed to consolidate my crazy debts on credit cards and store cards (historical - from a bonkers period of unhealthy spending) into a manageable loan with one monthly payment, which is going to take me three years to clear.

But in the meantime, no more credit purchases for me! I’m finally learning to spend frugally and save in my 40s. Had a very chaotic upbringing, was living on credit from the age of 18 and never learned how to manage money properly, so it’s been a long and painful learning process.

We have £25k on credit cards, loan, store accounts - the last few years haven’t been at all kind to us financially. We’re now on debt management plans and hoping it will be paid off in 5 years.

We have no mortgage and it will be likely 10 years before we could 1) be accepted for one, and 2) save up enough for one. We currently rent and been here 7 years, our rent has never gone up and we have a great relationship with our landlord so will be staying put until we can buy.

I detest the position we’re in, but it’s where we are at and we’re working hard to change the situation. We’re hoping I’ll be able to work full time again in 6 months or so which will make an enormous difference to our finances as I’m the main earner by quite a bit.

Yikes... this thread is only here for people to brag...

Also, you all must be quite old, as the student loans people have are minuscule! I've still got well over 40k to pay back...

And, fwiw, student loans are not debt. (...that's what I tell myself)

Just over £3000 on a credit card. Got it in half in the last year, even after emergency vet visits for dog and car magnet cat this year. It's coming down steadily so I'm very happy.

My joint Mortgage is 430k (house worth approx 800k in SE)
Car loan has about 5k left.
My Student loan will (finally) be paid off this year.
We pay off credit card in full monthly.
It’s all comfortably within our means though.

Honestly as a joint household debt it’s just slightly over £20,000. That’s one large loan and 5 credit cards between 2.

No savings at all and not homeowners.

I don’t know how it got so bad really, as there is absolutely nothing to show for it. Mainly from using credit cards for things like new washing machines, expensive car repairs stuff like that as couldn’t just get it outright. Probably also not saying no to things as well like going to see friends and family and spending money on fuel and food etc, when funds were tight.

Thankful though that we have managed to keep working during pandemic. Whilst not paying huge amounts off it, we haven’t used any form of credit since March.

Will not be going back to old ways after making progress this year.

@BunnyRuddington

Ha, everyone on MN lives in fantasy land. All those people saying 'none!' Or 'just a mortgage

Unfortunately these kinds of threads always attract comments from MNers who are debt free. For everyone who is debt free I bet there are at least 5 others who are wondering how they'll ever get out of debt.

If you are struggling with debt try one of the free charities like Stepchange or CAPP*.

Why couldn't they comment though? Is it allowed only when you are in massive debt? I am confused

96k mortgage, 5k car loan and 5K credit card between Dh and I. Quite happy with that.

No debt, mortgage and car loans all paid off. It feels wonderful, even though I'm ancient.

Also to the person who said its work ethic , go away.
Plenty of people are in debt whi work very hard not all jobs pay well.
To of paid your mortgage off in your 30's your either a high earner pr have had inheritance etc .
Many people who do all the keyworker jobs we all need done , will never pay a mortgage off at that age and will sometimes have debt and its mot through lack of work ethic.

Funny. My mortgage yearly statement just came through the door.

Christ alive. Interest is ridiculous.